EU to Boost Trade with Blockchain

The European Parliament wants to more actively implement the blockchain in international trade. Innovative technology can increase transparency, could help in fighting corruption and would increase data security.

The European Parliament adopted a resolution that calls on countries and supranational European entities to implement blockchain. The DLT technology, according to parliamentarians, can significantly reduce costs and corruption, as well as help in the fight against tax evasion. The key challenge for trade is cybersecurity. And here the blockchain will also be helpful.

Moreover, the blockchain will be able to bring convenience to the business. After all, merchants and companies will be able to upload all documents in one place and automatically receive permission from the authorities, for example, for export-import operations.

The parliament called for the development of global universal standards to regulate the blockchain. The legislators also called on the European Commission to study the existing pilot blockchain projects that specialize in international trade, as well as to develop draft rules for their regulation.